DLF gains 3% on assets sale report

DLF is trading higher by 3% to Rs 208 on reports that the India’s largest real estate firm is planning to sell a convention centre project in Delhi and its wind power business for about Rs 1,800 crore early next fiscal.

DLF is close to finalise a joint venture agreement with an unnamed Japanese company for the Indian developer's convention centre project in New Delhi in a deal worth Rs 800 crore, an unnamed senior DLF executive was quoted as saying.

The executive also said DLF had started negotiations with investors to raise Rs 1,000 crore through the sale of its wind power business.

At the beginning of the current month the company had sold 28 acres of prime land in Gurgaon to real estate firm M3M for Rs 440 crore.

The developer, which had a debt of Rs 22,519 crore at the end of September, is hoping to raise Rs 3,000 crore in the current fiscal and about Rs 3,500 crore in 2012-13 by selling its non-core businesses, the report suggests.

The stock opened at Rs 204 and hit a high of Rs 208 on the National Stock Exchange. A combined 1.8 million shares have changed hands on the counter so far on the NSE and BSE.